UK prompt gas prices slide by up to 15pc

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Prompt gas for within-day delivery was trading at 77.10p a therm at 1245 GMT, down 12.9p from the previous day’s trading on Thursday, before the Easter holidays.

Gas for Wednesday delivery traded at 78p, down 15.5 on Thursday’s close.

“The system is very long this morning because of a big rise in LNG deliveries, healthy flows from Norway, while along the curve, prices are weakening as forecasts suggest Britain will start to see milder weather next week,” said one trader.

At mid-morning Britain’s gas system was oversupplied by 28 million cubic metres (mcm), National Grid data showed, driving within-day gas prices to their lowest since March 15.

Three deliveries from Qatar and another from Trinidad have helped replenish stocks after the coldest March in half a century, while Norwegian deliveries to Britain are expected to be 134 mcm on Tuesday, up from Thursday’s average of 119 mcm, according to National Grid data.

via UK prompt gas prices slide by up to 15pc – Telegraph.

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